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A Step-by-Step Guide

Step 1. Begin Mortgage Process

The first step in obtaining a loan is to determine how much money you can borrow. In the case of buying a home, you should determine how much you can afford even before you begin looking.

Although Canadian lenders conform to standards set by Canadian government agencies, loan approval guidelines vary depending on the terms of each loan. In general, approval is based on two factors: your ability and willingness to repay the loan and the value of the property.

Step 2. Mortgage Application

A mortgage associate will take a mortgage application by phone, in person or a client is welcome to submit an application online at their convenience. Once your mortgage application has been received we will start the loan approval process immediately by way of Majestic Mortgage verifying all of the information you have given.

Step 3. Select The Right Mortgage Program

Canadian home financing loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each. Whether you are buying a home or refinancing, there are 4 basic types of Canadian home financing loans. Each has different reasons why you’d choose them.

1. Fixed Rate Mortgage

Fixed rate mortgages usually have terms lasting 1 to 10 years. Throughout those years, the interest rate and monthly payments remain the same. You would select this type of loan when you:

Plan to live in home more than 5 years

Like the stability of a fixed principal/interest payment

Don’t want to run the risk of future monthly payment increases

Think your income and spending will stay the same

2. Adjustable Rate Mortgage

Adjustable Rate Mortgages (often called ARMs) typically last for 3 to 5 years. But during those years, the interest rate on the loan may go up or down. Monthly payments increase or decrease. You would select this type of loan when you:

4. Home Equity Lines of credit

We can offer Home Equity Line of Credits (HELOC) up to 65% LTV, so homeowners can enjoy access to additional funds with more flexibility and convenience. Lines of credits have become an innovative way to finance your home purchase. With as little as 35% down you can utilize a line of credit on your home. In the past clients had to put down 20%. This new line of credit is fully open for repayment without penalty and can be used for any purpose, such as home renovations, investments, a vacation, child’s education, or debt consolidation. You can borrow and pay back as much as you need, up to your credit limit, and pay interest only.

80% Home Equity Line of Credit:

LTV Maximum: Up to 65% Canada Wide

Rate: Variable rate, floats based on Prime

Can be placed behind most first mortgages without incurring penalties. No need to change or transfer your current first mortgage. (only available in some provinces)

Flexible repayment options — you can just make the required interest monthly payment or pay a larger amount up to the entire balance.

You can use some or all of your available line of credit at your convenience.

Your line of credit has no expiry date — it’s yours as long as you need it.

Setup fees are as low as $399 plus appraisal costs. (only available in some provinces)

Step 4. Collecting Documentation

Step 5. Mortgage Submission

The mortgage associate will then shop the application for the best Canadian mortgage financing product and rate.

Step 6. Mortgage Approval

The mortgage associate will send the mortgage approval (commitment) to the client via email or fax.

Step 7. Review Commitment From Canadian Lender

The mortgage associate will then review the mortgage commitment with the client.

Step 8. Mortgage Documents

Any additional documents that the lender may request should be sent to the mortgage associate no later than 10 days after mortgage approval.

Step 9. Mortgage Lender Instructions

The mortgage lender will send the mortgage instructions, to your lawyer.

Step 10. Lawyer

After your loan is approved, you are ready to sign the final loan documents. You must review the documents prior to signing and make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate. The signing normally takes place in front of a notary public or lawyer.

There are also several fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. Bring a bank draft check for the down payment and closing costs if required. Personal checks are normally not accepted. You also will need to show your homeowner’s insurance policy, and any other requirements such as flood insurance or fire insurance, plus proof of payment.

Your mortgage financing loan will normally close shortly after you have signed the loan documents.

Please Note –

If there are any changes to your application please notify your mortgage associate immediately as this may effect your approval.

If you decide to change your payment frequency, term or mortgage amount you must notify your mortgage associate and provide appropriate paperwork to support changes applicable. In order to improve your chances of getting a loan approval:

Fill out your loan application completely. You may use our online forms to expedite the process. Apply online HERE.

Respond promptly to any requests for additional documentation especially if your rate is locked or if your loan is to close by a certain date.

Do not move money into or from any of your bank accounts without a paper trail. If you are receiving money from friends, family or other relatives, please prepare a gift letter and contact us.

Do not make any major purchases until your loan is closed. Purchases cause your debts to increase and might have an adverse affect on your current application.

Do not go out of town around your loan’s closing date. If you plan to be out of town, sign a Power of Attorney to authorize another individual to sign on your behalf when your loan is expected to fund.

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What Our Customers Are Saying About Us!

Hello Mr. Harry,Hope you are doing well. Kindly find below our testimonial. Majestic mortgages became our new years miracle and helped us start off 2016 with a smile in our new home! Working with Majestic mortgage was an absolute pleasure.From the first call till completion Mr. Harry and his team were exceptionally efficient.He took the time to understand our situation, explain all our options and recommend a mortgage plan that was best suited to our needs. All our questions were addressed to promptly and such a complicated process was clearly explained to us at every step.We did not expect to have everything done within such a short time frame but they still did it! Mr. Harry worked tirelessly and helped us get our mortgage when we thought that it was impossible. He even worked on his vacation to make sure things got done right and on time.We would just like to thank you and your team for everything.We would strongly recommend Majestic mortgage to anyone looking for mortgage services.

Mr. Harry: We have the house keys and we have the house. The process was smooth. Thanks to your excellent effort. You have been a great part of this experience. It is my pleasure having you as my mortgage broker and will recommend your service to all my family and friends. From my family to yours, thank you again and god bless.Regards, Sam Mallak

I would like to thank Harry Saund and Majestic Mortgage for helping me refinance my home. He was able to explain everything to me and didn’t hide any information from me. Everything was prompt and was always there to help me. He also got me the best rate. I would recommend Harry Saund and the team at Majestic Mortgage to all my friends and family.

I came to Majestic Mortgage looking to get my mortgage refinanced. The team at Majestic Mortgage and Harry were very helpful. Harry is very knowledgeable and helped me understand everything. They service was very prompt and efficient. He was available at all times of the day ad got me the best rate. I am very pleased with the outcome of everything and how smooth the process was. I would definitely recommend Harry and Majestic Mortgage to all my friends and family! Thank you again!--Mohsen

Majestic Mortgage and Harry Saund helped me when I needed help the most. My credit was not the best when I came to them. Harry was able to guide me in a way that would help reestablish my credit, and educating me throughout the process. He was there throughout my journey and I just wanted to send a sincere thank you for helping me out when I needed it the most. You helped me out when the banks would not! You helped me get everything done in a matter of time. Thank you so much again; I cannot say it enough times!--Kamaljit Rehal